Do WET climbing ropes break weaker

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Schweizer Tor
Das gigantische Schweizer Tor ist einer der Grenzübergänge von Vorarlberg in die...
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The rumor is that wet ropes are significantly weaker. The instructions that come with the rope say that it is dangerous. Climbing magazine advises not to use a wet rope. UIAA supposedly got 3 falls instead of 7 like normal, before it broke. What are we supposed to think and do when we end up with a wet rope?