Thinly slice the onions.
Cut the bread into medium cubes (half the size of a large marshmallow). It is best to use stale bread. If the bread is fresh, either cut it ahead of time and leave it out or you can put it in a very low oven (200°C) until it dries out.
Slowly caramelize the onions by salting.*
Add the water and cook for 20 minutes.
Remove from heat and cover. By covering the onions while hot they infuse. Infuse for 20 minutes.
Strain and return to heat.
Once boiling, reduce to a simmer and add the bread.
Cook until the bread begins to break down (20 minutes), stirring occasionally.
Cool or serve and finish with olive oil.
*It’s very important to cook the onions extremely slowly. Start them with a warm neutral oil such as grapeseed oil. Sweat slowly, adding salt at the beginning to draw out the natural moisture of the onion, stirring occasionally. After the onion starts to cook down and become more translucent, add some butter. Stir occasionally and add more butter when the onions become too dry. Do this for about 45 minutes until the onions have a nice deep amber color. They shouldn’t be burnt or bitter, just beautifully caramelized.