What was the name of the 1998 Russian financial crisis's government bond default and ruble devaluation event?

The 1998 Russian financial crisis was the event involving Russia's government bond default and ruble devaluation.

On August 17, 1998, the Russian government and central bank announced a restructuring of domestic ruble debt, a widening of the ruble's trading band, and a temporary moratorium on some foreign debt payments. The announcements effectively amounted to a sovereign default and a major currency devaluation.

Russia had been under pressure from weak tax collection, large fiscal deficits, falling commodity prices, and the after-effects of the 1997 Asian financial crisis. The government relied heavily on short-term treasury bills, known as GKOs, to finance itself. When confidence disappeared, refinancing that debt became unsustainable.

The shock spread beyond Russia. Long-Term Capital Management, a highly leveraged U.S. hedge fund, suffered huge losses partly because of the turmoil and was rescued through a private-sector recapitalization organized by the Federal Reserve Bank of New York. Russia later benefited from higher oil prices and stronger fiscal conditions in the 2000s.