EG, imagine a hypothetical scenario where Greece gets into debt trouble again, but now the other finance ministers don't trust that their meetings will be kept private. The German and French finance ministers meet privately, and decide to screw over Greece and come up with a cover story about how they can't do anything else. A better outcome would be if they had private meetings with Greece and at least had the opportunity to reach a compromise. The best possible outcome might be having the same meeting with full transparency so that the public is fully informed, but that's not what would happen.
I can understand that Greek people would be angry to be "sacrified"... and that's why that kind of meeting is secret! Because to govern is not only to be elected but sometimes to have to take bad choices, when only other choices are worst
That's what democracy should mean - we don't elect representatives so that they can take decisions we don't want but that they think are good for us. We elect representatives because direct democracy doesn't scale.
At best, both would be same: elected people would explain to the people what is best for them and convince them, then people would want what is best for them in the long run.
But sadly, nobody like to be sacrified now for the long term better good of all. And politicians need to be reelected. So politicians have to hide and manipulate to some extend (for what they think is the greater good of most of the population)...
"Crowd wisdom" is nice for really specific matters... but not really for managing a population with diversities in the long run.
Quite often, especially with difficult issues, people have to take risks or make painful compromises or at least suggest them, even if the final result is nothing like them. Sometime people bluff, lie and distort in order to improve their position. There is give and take.
If everything is made public then you will essentially get discussions that are no better than discussions amongst the public, which everyone would agree is suboptimal.
This is the crux of it: All involved (except Varoufakis) apparently thought their words would remain secret forever. This is bad for democracy, because it nurtures conspiracy theories. Prompt publication is likewise bad, because it hardens negotiating positions at a distance far apart, and makes participants fearful of speaking uncomfortable truths.
The US Federal Reserve publishes its minutes, but only some time well after the participants go home. Live-tweets on their hourly progress -- say, from Mar-a-Lago -- are not a concern.
Lets (just for example, I am not saying it happened), during that meeting, the German/French Finance minister said: 'I don't care about the Greek people, we can't let German/French banks fall, so do what you must if you ever want the ECB to lend you money'. Wouldn't the greek people deserve to know and make up their mind about their part in the EU project?
(again, I am not saying this happened, but I can see similar backdoor deals being put forward)
Lets not forget that any opposition to the EU project by the citizens is seen as misinformed or misleded people. It is never the EU's fault [1]
[1] - https://torrentfreak.com/eu-commission-portrays-article-13-o... (Sorry, no time to search for other source, but the comments were also published in my local newspapers)