When it comes to the bond auction, might it not be better to use an Ebay like system, where creditors specify their *minimum* interest rate, and countries specify their max. And creditors are given the maximum interest rate possible.
So let's say creditors A, B, and C want to buy Austrian bonds. Austria sets his max interest rate at 10%, and wants to sell 3 bonds. Creditor A sets his minimum interest rate to 15%, and so gets no bond, Creditor B wants to buy 2 bond with a minimum of 8%, and Creditor C wants to buy 2 bonds at a minimum of 5%.
Creditor C gets preference and ends out with 2 7% bonds(just below B's level, we don't allow fractions), and is taken out of the running, while creditor B gets 1 bond at 10% (he has no more competitors).
The lowest bids get filled first, and then the higher bids, until no bids are left.
In this way we can have a simulated "auction" without going through the degree of work of an actual auction, and we get better pricing. Rather then putting in actual bids, you'd be behaving as a "broker", getting the best deals possible depending on the conditions given to you by participants.
I think there'd be less room for exploits, and there'd also be no penalty if you enter a bid much lower then anyone else, you can still get a decent price just below the others.
However, it's probably better to try a number of bidding systems and see how they stick. Different bidding systems can lead to undesirable behaviour.