BUENOS AIRES—Argentine President Mauricio Macri’s decision to turn to the International Monetary Fund has likely bought the country some time to stabilize a growing financial crisis. But the move also comes with a large political cost for Mr. Macri by tying the economy to an institution that is widely disliked here.
Argentine stock prices rose 4% on Wednesday, a welcome relief rally for investors who have watched the country’s stocks, currency and bonds dive since the end of April, though the dollar was up 1.4% against the...