Not necessarily. The several groups that have tried to assassinate Musharraf over recent years would like Bhutto even less. Just because it isn't a bad thing for him doesn't mean he coordinated it. It also doesn't mean he is upset about it.
But no, I'd not bet any money on whether he was involved.
I don't see how it could possibly be a Archduke Ferdinand situation. There is no easily triggered cascade of mutual defense agreements involved. Ferdinand may have been the trigger for WWI but he really wasn't the cause.
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