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 Simons 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 Simons 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.
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