We investigate the separability of the two-mode Gaussian states by using the
variances of a pair of Einstein-Podolsky-Rosen (EPR)-like observables. Our
starting point is inspired by the general necessary condition of separability
introduced by Duan {\em et al.} [Phys. Rev. Lett. {\bf 84}, 2722 (2000)]. We
evaluate the minima of the normalized forms of both the product and sum of such
variances, as well as that of a regularized sum. Making use of Simon's
separability criterion, which is based on the condition of positivity of the
partial transpose (PPT) of the density matrix [Phys. Rev. Lett. {\bf 84}, 2726
(2000)], we prove that these minima are separability indicators in their own
right. They appear to quantify the greatest amount of EPR-like correlations
that can be created in a two-mode Gaussian state by means of local operations.
Furthermore, we reconsider the EPR-like approach to the separability of
two-mode Gaussian states which was developed by Duan {\em et al.} with no
reference to the PPT condition. By optimizing the regularized form of their
EPR-like uncertainty sum, we derive a separability indicator for any two-mode
Gaussian state. We prove that the corresponding EPR-like condition of
separability is manifestly equivalent to Simon's PPT one. The consistency of
these two distinct approaches (EPR-like and PPT) affords a better understanding
of the examined separability problem, whose explicit solution found long ago by
Simon covers all situations of interest.Comment: Very close to the published versio