What was the name of the 1998 global market crisis triggered partly by Russia’s debt default and the collapse of LTCM?

The 1998 global market crisis was the 1998 Russian financial crisis.

Russia defaulted on domestic ruble-denominated debt on August 17, 1998, devalued the ruble, and declared a moratorium on some foreign debt payments. The announcement intensified international market stress and weakened confidence in emerging-market assets.

The hedge fund Long-Term Capital Management, or LTCM, had large leveraged positions in financial markets. As prices moved sharply against its strategies, the Federal Reserve Bank of New York helped arrange a private-sector rescue to reduce the risk of disorderly failure.

The Russian crisis followed the 1997 Asian financial crisis but was not the same event. Its consequences spread through global bond and credit markets, showing how leverage and interconnected portfolios could transmit stress across borders.