One of the largest privatisations in Europe's former Socialist countries has begun, with shares of the Polish state-owned telecommunications company, TSPA, going on sale.

Local and foreign investors are initially being offered at least fifteen percent of the company stock.

Correspondents say the sale has attracted considerable interest outside Poland, and there are expectations that it will bring more foreign capital into the country.

But the sale has also attracted criticism, with some opposition parties saying the company's shares are being sold too cheaply.

Turmoil on the international markets has knocked several billion dollars off the company's value, but BBC Warsaw correspondent says the Polish government is determined to go ahead with the sale to show it won't be swayed from its economic reform programme.