(Updates with details, quotes)
BRUSSELS, Feb 2 (Reuters) - Greece's plan to cut its ballooning budget deficit looks feasible so the European Commission will endorse it on Wednesday despite risks, the chief of the European Union executive said.
Greece, facing investor distrust about its ability to keep public finances in check, has tabled a plan to cut its budget deficit to below the EU's cap of 3 percent of gross domestic product in 2012 from last year's expected 12.7 percent.
Commission President Jose Manuel Barroso said the plan looked feasible and ambitious, although surrounded by risks.
"The Commission has assessed the program. The envisaged correction of the deficit is feasible but subject to risks," he said in a statement on Tuesday.
"Provided such risks will not be allowed to materialise through the timely implementation of corrective measures the deficit will indeed be corrected. We believe this will be done. The Greek government is committed to take such measures."
Greece's financial problems have sparked talk about a possible bailout by the EU and fears about the stability of the 16-country euro area.
"Indeed, a successful correction of its very excessive deficit is not only important for Greece but for the euro area and the EU as a whole," Barroso said. (Reporting by Marcin Grajewski; Editing by Dale Hudson)