Pat beef dry and toss in olive oil in a bowl. Add flour, salt, and pepper and mix to coat evenly. Shake off any excess flour.
Brown meat in 3 batches in a large Dutch oven or heavy pot over high heat, turning with tongs, 5 to 8 minutes per batch. Let the beef sear on one side before turning. Transfer beef to a large plate.
Combine onions, garlic, and balsamic vinegar in the same pot. Cook and stir with a wooden spoon to scrape brown bits from the bottom of pan, about 5 minutes. Add tomato paste and continue to cook, 3 to 4 minutes more. Add beef with any juices back into the pan. Add water, wine, beef broth, oregano, sugar, Worcestershire sauce, beef bouillon, basil, paprika, thyme, and bay leaves. Stir with a wooden spoon to loosen any brown bits from the bottom and bring to a boil.
Cover pot with lid, transfer to the preheated oven, and cook until beef is tender, about 2 hours.
Remove pot carefully from the oven and add potatoes, carrots, green beans, and celery. Cover and place back in the oven until potatoes are tender, 50 to 60 minutes more. Remove bay leaves. before serving.
