Latin America's growth rate fell dramatically due to government austerity plans that restricted further spending. Living standards also fell alongside the growth rate, which caused intense anger from the people towards the IMF, a symbol of "outsider" power over Latin America. Government leaders and officials were ridiculed and some even discharged due to involvement and defending of the IMF. In the late 1980s, Brazilian officials planned a debt negotiation meeting where they decided to "never again sign agreements with the IMF". The result of IMF intervention caused greater financial deepening (Financialization) and dependence on the developed world capital flows, as well as increased exposure to international volatility. The application of structural adjustment programs entailed high social costs in terms of rising unemployment and underemployment, falling real wages and incomes, and increased poverty.