What was the name of the 1998 crisis caused partly by Russia's debt default and a highly leveraged hedge fund?

The 1998 crisis caused partly by Russia's debt default and the collapse of Long-Term Capital Management was the Russian financial crisis.

Russia devalued the ruble, restructured domestic debt, and declared a moratorium on some payments on August 17, 1998. The government faced weak tax collection, low commodity prices, political instability, and difficulty financing its obligations. The result was severe pressure on banks, businesses, and households.

The crisis also damaged international markets. Long-Term Capital Management, a highly leveraged hedge fund with large derivatives positions, suffered major losses as markets moved in unexpected ways. The Federal Reserve Bank of New York helped organize a private-sector recapitalization to reduce the risk of disorderly failure.

The Russian crisis is not the same as the Asian financial crisis that began in 1997. Asian currency devaluations and capital outflows contributed to global anxiety, but Russia's domestic debt default and ruble crisis had their own causes and timeline.