In a blender, combine green pepper, onion, garlic, 1/4 teaspoon cumin and salt. Pulse, while pouring 1/8 cup olive oil through top of blender. Blend until smooth; set aside.
Heat 1 tablespoon olive oil in pressure cooker on medium heat. Saute green pepper mixture for 1 minute, then stir in achiote powder and 1 teaspoon cumin. Cook for 1 minute, then stir in tomato sauce. Return to a simmer, then add beef; let simmer for 5 minutes. Stir in potatoes, then pour in wine and water. Drop in the bouillon cubes. Bring to a boil, and cook for 1 minute; add water, if necessary, to cover.
Cover with lid of pressure cooker. Following manufacturer's directions, cook under 15 pound pressure for about 30 to 45 minutes.
