Teramycin eye drops might help, true. Look for them at the farm store. It would be good to have a topical antibiotic (applied directly to the eye) and a systemic (inside the body) one at the same time to really get this under control.
I would also seriously look into injectible penicillin g procaine/penicillin g benzathine. It can be purchased without a prescription at many farm supply stores in the refrigerated medicine case. Make sure it is a combination of penicillin g procaine and penicillin g benzathine. You will also need syringes with needles, 1-2mL size should be good. Another thing you need is sterile saline for injection, or Lactated Ringer's solution. If you can't find that, from a vet, farm store, or human pharmacy, PM me. There are videos on how to do a sub-cutaneous injection (under the skin) and you'll have to give them every other day. Make sure not to get any of the medicine on the bunny's fur and that the needle hole seals itself back up quickly. Ingesting the medicine, even licking it off the fur, can be fatal. It's ok to give via injection because it only does its damage on the GI tract and when you give it via injection you avoid most if not all of that.
Also, eye infections are incredibly painful. You can purchase infant motrin (ibuprofen) drops at the pharmacy and give that. If you have any other stronger pain meds lying around from previous rabbits/previous illnesses, they would be better. Just remember never to give a bunny tylenol (aka acetaminophen/peracetamol)
We had a bunny come in to the shelter with a similar issue. He had a small scratch on his eye from the day he was bought. The owner didn't think it was anything to worry about, and it got worse and infected. She took him to the emergency vet when his eye ruptured. The eye had to be removed, and the owner could not afford the surgery, so she signed him over to the Humane Society, who paid for the operation.
Here's our library link on eye issues:
http://rabbitsonline.net/view_topic.php?id=14567&forum_id=10
This link is to a good site with many eye diseases mentioned--read specifically about corneal ulcers and white eye discharge:
http://www.medirabbit.com/EN/Eye_diseases/Eye_diseases_main.htm
This article mentions how to administer bicillin (penicillin g procaine/benzathine)
http://www-unix.oit.umass.edu/~jwmoore/bicillin/bicillin.htm
Also, use sterile saline for contacts--not contact solution. Rinse the eye with this daily, preferably before applying the teramycin or triple antibiotic ointment.
I know you cannot afford a vet right now, but this guy is really suffering. What we've mentioned is pretty much the only home treatment you can do and it needs to be started right away. Vet assessment and guidance for this treatment would be optimal, but we understand that it isn't always possible.